San Francisco-based investment platform TPG Growth, known for backing multi Billion unicorns like Uber and AirBnb in their early days, is looking to make investments in the consumer internet startups of India. The fund is also planning to partner with renowned VCs in the country for these investments.
We are looking to partner with some of the best venture capital funds, who we know well and we respect their judgement and work with them in a very partner-like relationship for successive funding and growth capital for their portfolio companies,
said Anjali Bansal, partner and managing director at TPG Growth.
The company is looking forward to investing in sectors such as education, financial services, healthcare and consumer internet.
Bansal said that they wanted to invest in companies which are working to meet “unmet need or sometimes even unfelt demand, but creating convenience, price discovery, superior models of delivery” .
On partnering with the VCs for investments, Bansal said that they were not looking to lead in any funding rounds preferring to come in later stages as a partner once a VC has identified and scaled the company to a certain level.
However the company did not divulge any details about the average size of investments, it is looking to do in the country but Bansal said that they were okay with the minority stake in the company, like Lenskart, and wanted entrepreneurs in the driving seat.
TPG Growth is an investment platform for early stage and growth investments of global private equity firm TPG which has more than $70 Billion of assets under management.
TPG Growth was established in the year 2007 and usually invests in middle market companies with revenues in the range $50 Million to $1 billion.It has over $2B of capital under management and has raised over $6 billion in funding.
In India, TPG Growth already owns a minority share in the online eyewear retailer Lenskart after it jointly invested 135 crores in it with Hong Kong-based TR Capital. The company further plans to invest in the later rounds of Lenskart as well.
We have invested in Lenskart, where we came in after IDG and Unilazer. We are very excited about the company and its growth trajectory,